FPS charge a monthly management fee of 10% of the full monthly rental. When instructed on our ‘managed service’ FPS becomes the liaison between the Landlord and the Tenant, removing the stress and hassle of dealing with tenants direct.
In the event that during the course of the tenancy, the homeowner decides to revert onto a straight let basis and the homeowner intends to retain the existing tenants, the homeowner will be required to pay a commission of 7.5% of the existing term of the tenancy. In the event that the tenancy is renewed with the existing tenants the homeowner will be required to pay the commission on a placement only basis and pay commission of 7.5% as above for as long as the tenant remains in occupation. Please be referred to the section on ‘placement only service’.
Rental payments are made by way of standing order mandate and are therefore promptly paid (Payment from the tenant is normally transferred directly to the Landlords bank account no later than 7th day of each month). On the rare occasion where rental payments are received late FPS shall make the necessary enquiries once the Landlord has informed us of any late/non payment. Please note that rental payments are paid directly to the Landlord from the tenant, FPS do not have access to information on either the Landlord or Tenants Bank Accounts. FPS accepts no responsibility for the non payment of rent.
The cost of this is included in our commission charge, however, should it be necessary to advertise nationally, the cost will be borne by the landlord.
The charge for the administration of moving a tenant into a property is 40% of the first full months rent. This cost goes towards FPS providing contracts, inventories, credit references, change of utility details/accounts, local marketing/advertising and accompanied viewings, checkout at the end of the tenancy and basic liaison with DPS regarding deposit release.
Having secured a prospective tenant, we take up credit references on the tenant(s) prior to occupation of the property and shall only proceed forward where the credit check status is a pass.
Prior to the tenant moving in and for the duration of the tenancy, a sum equal to one months’ rent is held against damage, dilapidation’s and outstanding rent. Due to the recent changes in Government Policy regarding the administration of dilapidations deposits after 6th April 2007 FPS no longer hold the deposit. The Deposit is held by the DPS. (The Deposit Protection Service) Please note that is a compulsory scheme and is a legal requirement. Where there is a dispute between Landlord and Tenant regarding the deposit we shall assist the landlord in this process where required at an additional cost of £75.00 per hour plus £45.00 to attend legal offices for swearing of documents. Where FPS is required to attend court this shall be at a cost of £75.00 per hour.
Statements are available at the end of the financial year upon request from the homeowner or homeowner’s representatives. This service shall be charged at £150.00, payable on receipt of statement. Where payment is not received by return, this figure shall be deducted from the rental payment from the following month.
Maintenance of your property is required from time to time, especially after a long period of tenancy.
Please note that FPS does offer this services, we have a good team of maintenance personnel, including plumbing, electrical and general maintenance. Upon signing and agreeing to our terms and conditions FPS shall in their absolute discretion utilize monies from the homeowners next rental payment in a sum not exceeding one hundred pounds, (£100.00) in the event of an emergency without recourse to the homeowner. FPS reserve the right to charge for time involved in obtaining quotes and attending the property with outside contractors.